context: The Politburo often holds study sessions on emerging technology to signal support. Beijing has accelerated blockchain development with management regulations, industrial research, and financial applications. Market interest in blockchain skyrocketed following the announcement, with Bitcoin jumping from US$7,400 to over US$10,500 on 25 October.

The Party Central Committee Politburo study session on 24 October focused on blockchain technology. Integrated blockchain applications are vital to technology innovation and industry upgrading, stressed Xi Jinping 习近平 Party chairman, adding that it should be a key focus of indigenous innovation. Xi further stated that the state shall

  • accelerate blockchain technology and industrial innovation development, and promote integrated growth of blockchain and socioeconomic development
  • strengthen R&D, including
    • basic research
    • key technology breakthroughs
    • standardisation research and global standard-setting power
    • industry growth
    • integrated development with other frontier technologies like AI and big data
    • talent cultivation
  • improve data sharing, business operations and overall trust with blockchain
    • integration of blockchain and the physical economy
      • financing
      • risk management
      • regulations
    • blockchain-based digital economy innovation
    • ‘blockchain+’ public services
      • education
      • employment
      • elderly care
      • poverty alleviation
      • healthcare
      • anti-counterfeiting
      • food safety
      • public welfare
      • social security
    • integration of blockchain and smart city
      • IT infrastructure
      • smart transport
      • energy and electricity
      • strengthened interrelationship in information, capital, talent and credit rating
    • flows of production factors
    • data sharing across government agencies and regions
  • improve policy guidance
    • blockchain security research and analysis
    • development tracking
    • security protection system suitable for blockchain technology
    • establishing responsibilities of industry actors
    • orderly industry growth

Relevant government agencies should take note of the latest blockchain development trends, improve their capacity to use and administer the technology, and foster its role in overall social, economic and technological development.